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China's BYD opens EV factory in Thailand, first in Southeast Asia
  + stars: | 2024-07-04 | by ( ) www.cnbc.com   time to read: +2 min
China's BYD opens its first electric vehicle (EV) factory in Southeast Asia, a fast-growing regional EV market, in Rayong, Thailand, July 4, 2024. China's BYD opened an electric vehicle plant in Thailand on Thursday, the automaker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player. "Thailand has a clear EV vision and is entering a new era of auto manufacturing," BYD CEO and President Wang Chuanfu said at the opening ceremony. The BYD plant is part of a wave of investment worth more than $1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives. Other EV rivals in the local market include Great Wall Motor, which also has a production facility in Thailand, and U.S. automaker Tesla.
Persons: China's BYD, Wang Chuanfu, Narit Therdsteerasukdi, Liu Xueliang, Tesla Organizations: EV, HK, Toyota Motor, Honda Motor Co, Isuzu Motors, ASEAN, Thailand's, of Investment, European, BYD's, BYD's Asia Pacific, BYD, U.S Locations: Southeast Asia, Rayong, Thailand, China, Hong Kong, BYD, Hungary, BYD's China, BYD's Asia
RAYONG, Thailand, Feb 28 (Reuters) - Thailand and the United States kicked off on Tuesday military exercises involving more than 7,000 personnel and forces from 30 countries, with the annual drills including a component focused on space exercises for the first time. "Cobra Gold", launched in 1982, is one of the world's longest-running multilateral military exercises and the biggest in Southeast Asia, serving as a key platform for Washington to shore up alliances in Asia at a time of increasing competition with China. After the drills were scaled back during the pandemic, nearly 6,000 U.S. troops will take part this year, Admiral John Aquilino, Commander of the United States Indo-Pacific Command, said, the highest number in a decade. Tensions have increased in the region between the United States and China over Beijing's growing assertiveness in the South China Sea and over self-ruled Taiwan. Military and civilian space agencies from Thailand, the United States and Japan will take part, it said.
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